The present application relates to a system and method of managing an insurance scheme.
The present invention may be implemented by a traditional life insurance plan operator for its members or may be implemented by another party.
Conventionally, insurance policies such as life insurance policies operate on the basis that an insured person, sometimes referred to as an insured life, pays a premium to the life insurer, and the life insurer pays a predetermined sum, referred to as the sum assured, to the insured life or his/her beneficiary on the occurrence of an insured event. Typical insured events are the insured life suffering disability, contracting a dread disease or dying.
It is clearly in both the insurer and insured parties' best interests that an insured event does not occur. One way of reducing the risk is for the insured person to look after their wellness.
However, the insured party needs some motivation to look after their wellness despite the risks associated with not doing so.
The present invention provides a system and method of addressing this.